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AAR REPORTS THIRD QUARTER FISCAL YEAR 2017 RESULTS
· Third quarter diluted earnings per share from continuing operations of $0.38, up 31% from Q3 FY2016
· Third quarter sales of $446.7 million, up 8.4% from Q3 FY2016
· Significant new business wins during the quarter
WOOD DALE, ILLINOIS (March 21, 2017) AAR CORP. (NYSE: AIR) today reported third quarter Fiscal Year 2017 consolidated sales of $446.7 million and income from continuing operations of $13.1 million, or $0.38 per diluted share. For the third quarter of the prior fiscal year, the Company reported sales of $412.1 million and income from continuing operations of $9.9 million, or $0.29 per diluted share.
Sales in Aviation Services increased 9.6% in the quarter reflecting continued strong performance for the Companys industry leading supply chain management solutions. Sales in Expeditionary Services also increased 1.6% as volumes continue to recover in the mobility business.
The Company announced significant new business wins in the quarter including the award of a comprehensive supply chain management and component repair agreement with Allegiant Air covering their fleet of A320 aircraft and an agreement to provide landing gear overhaul and exchange services for SkyWests fleet of Bombardier CRJ aircraft. Our services on these new awards began in the third quarter. Subsequent to the end of the quarter, we signed a five year agreement with Indias largest airline, Interglobe Aviation Limited (IndiGo), to provide landing gear overhaul services on up to 49 full ship sets of A320 landing gear.
Third quarter sales to commercial customers represented 68.1% of consolidated sales, compared to 60.6% of consolidated sales in the third quarter of last year. Sales to government and defense customers represented 31.9% of consolidated sales compared to 39.4% in the prior years quarter.
Selling, general and administrative expenses as a percentage of sales were 10.6% for the quarter, compared to 10.5% last year. During the quarter, we incurred approximately $1.4 million in legal fees related to our defense of the INL/A Aviation Support Services Contract (the INL/A Contract) awarded by the U.S. Department of State (DoS) on September 1, 2016 and protested by the incumbent. The U.S. Government Accountability Office reaffirmed the award on December
The following information was filed by Aar Corp (AIR) on Tuesday, March 21, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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